Big student loan forgiveness details just released for new Biden plan

The Biden administration released major new details this week on a new student loan forgiveness plan.

The program is designed to provide student debt relief to borrowers in the wake of last summer’s Supreme Court ruling that struck down Biden’s first student loan forgiveness initiative. The new plan is being developed under a different legal authority, and will be targeted to borrowers based on specific circumstances.

The Education Department released draft regulations containing eligibility criteria and proposed student loan forgiveness amounts in advance of a third round of negotiated rulemaking hearings scheduled for next week. These hearings will be one of the last steps before the rules governing the program are finalized next year.

Here’s the latest.


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